trust funds, 4, 47, 89, 231, 232, 235,
258–59, 259n
Tversky, Amos, 151, 221
Tweedy Browne Partners, 397, 542,
543–44, 551
two-part appraisal process, 299–301,
321
Tyco International Ltd., 14, 303,
410 n, 426 n,440–42, 442n, 497Ulysses (mythological figure),
535–36
uncertainty, 535
undervaluation, 261, 508n;and
aggressive investors, 13–14, 32,
34, 167, 170, 172–73, 175, 382,
400; and bargains, 167, 170,
172–73; Buffet’s comments
about, 537; and margin of
safety, 517–18, 520
underwriting, 268–70, 434–35, 518.
See also specific company or
underwriter
Union Carbide Co., 289, 351, 353
Union Pacific Railroad, 362n
Union Underwear, 317n
unit investment trusts, 226n
United Accum., 230
United Aircraft Co., 289, 351, 353
“units,” 414n
Universal Marion Co., 393, 394, 395
University of Michigan, 19–20n
unpopular large companies, 163–66,
168, 183
Updegrave, Walter, 111n, 219
U.S. Bancorp, 373
U.S. bonds (other than savings), 24,
94–95, 96, 119
U.S. savings bonds, 92, 93–94, 95,
118, 119, 120, 121, 188, 210, 211,
241, 520
U.S. Steel Corp., 289, 351, 353, 384
U.S. Treasury, 110, 496
U.S. Treasury bonds, 63, 94, 106n,
107, 108–9, 111, 112n,147, 250,
419
U.S. Treasury certificates, 94–95
U.S. treasury securities, 107,
108–9
U.S. Utilities Sector Index Fund,
356 n
USA Interactive, 307
USG Corp., 175n
UST Inc., 216, 368VA Linux, 152–54
Value Line (investment service), 186,
288, 341, 342, 343
value/valuation: and advice, 259,
261, 274; and aggressive
investors, 32, 33, 137, 166, 167,
177, 178, 380n, 391 n;and
bargains, 166, 167, 177, 178;
Buffet’s comments about,
540–41; business vs. stock-
market, 198–207; and dealings
with brokerage houses, 267; and
defensive investors, 22–23, 24,
25, 26, 27, 120, 122, 125, 364;
dependability of, 318n,321; and
“enhancing shareholder value,”
309; financial analysts as
creating, 568; and history and
forecasting of stock market, 74,
83, 87; importance of, 533;
inflated, 267; and inflation, 54,
58; and investment funds, 238,
239, 241, 245; and investor-
management relations, 498n;
and margin of safety, 520, 521,
522; and per-share earnings,
318, 318n,320; and price, 10, 32,
36, 39n,40, 122, 206, 521, 522,
541; and problems of brokerage
houses, 267; “quotational,” 20,
36; and repurchase plans, 507;
and risk, 122; and security
analysis, 281–82, 285, 288–90,
294, 295–98, 300; and selection
of stock, 364, 380n, 391 n;and
speculation, 569; and stock
splits, 493n;and two-part
appraisal process, 299–301.
See alsoearnings; fluctuations,Index 621